Thai Finance Ministry cuts 2014 GDP forecast to 1%
[BANGKOK] Thailand's economy is expected to grow 1 per cent this year and exports should not contract, a senior official from the Finance Ministry said on Monday.
That compares with the ministry's 1.4 per cent economic growth estimate in October and less than 1 per cent which it predicted earlier this month.
For 2015, the ministry predicts growth of around 4 per cent, little changed from a previous estimate of 4.1 per cent, thanks to higher government spending, Kritsada Jinavijarana, director-general of the Fiscal Policy Office, told a news conference.
It also expects exports to grow 3.5 per cent next year, after a weak performance in 2014.
On Friday, the central bank lowered its 2014 GDP growth forecast to 0.8 per cent from 1.5 per cent and its 2015 estimate to 4.0 per cent from 4.8 per cent, citing sluggish exports and slow public spending.
The central bank expected exports to contract 0.5 per cent this year, from its previous estimate of no change from 2013. It sees shipments rising just 1 per cent next year.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month